Profit before tax in Q3 FY21 stood at Rs 453 crore
Jubilant Pharmova (erstwhile Jubilant Life Sciences) has reported 52 per cent jump in net profit to Rs 310 crore on a 15 per cent rise in revenue from operations to Rs 2,664 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 FY21 stood at Rs 453 crore, up by 54 per cent from Rs 293 crore in Q3 FY20. Tax expense increased by 59 per cent year-on-year (YoY) to Rs 143 crore in the December 2020 quarter.
Reported EBITDA improved by 27 per cent to Rs 653 crore in Q3 December 2020 from Rs 513 crore in Q3 December 2019. Reported EBITDA margin was at 24.5 per cent as on December 31, 2020 as against 22.2 per cent as on December 31 2019.
On the segmental front, pharmaceuticals revenue was at Rs 1,692 crore (up 17 per cent YoY), life science ingredients revenue was at Rs 893 crore (up 12 per cent YoY) and contract research and development services revenue was at Rs 79 crore (up 17 per cent YoY) during the quarter.
Commenting on the company’s performance, Shyam S Bhartia, Chairman and Hari S Bhartia, Co-chairman and MD, said, “Q3’FY21 has witnessed a substantial improvement over the previous quarter despite the continued adverse impact of the COVID-19 pandemic. Pharma business delivered strong performance led by CDMO and Generics. We continue to see new business opportunities in CDMO, Generics and Specialty Pharma segments. The company’s performance in the LSI business has been better due to good demand and improved pricing of select products. Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers.
We continue to expect strong performance in our businesses in Q4’FY21.”
During 9M’FY21, the company reduced net debt on a constant currency basis by Rs 570 crore. This is in addition to Rs 514 crore reduction in net debt during FY20. The company received the final NCLT order approving the demerger of our LSI business. The demerger is effective from February 1, 2021, and creates separate and focused entities: Jubilant Pharmova for pharmaceuticals, contract research and development services and proprietary novel drugs businesses and Jubilant Ingrevia for life science products and innovative solutions business; that will help in unlocking shareholder value.”
Jubilant Pharmova is engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses
The company has been renamed from Jubilant Life Sciences to ‘Jubilant Pharmova’ on the issue of the Certificate of Incorporation by the Registrar of Companies on 1 February 2021.
(With inputs from Capital Market)